austerity measures. they are necessary according to angela merkel in her speech yesterday. this is the novels, the world economic forum. the masters of the universe around me. -- this is double isdavos, -- this is davis, the world economic forum. the talk is that the north has money and is feeling of the south. let's speak to the managing director of the european stability fund. is the glass half full or half empty? what has changed over 12 months if anything? >> a lot of things have changed. it has affected the move in davos. a year ago, skepticism about the euro. today, people are happy with what they see. things have improved. there are reasons for that. it is not just a mood swing.